Niu Technologies Q4 2024 Earnings Call Transcript

Quartr
Provided by Quartr
March 17, 2025

There are 6 speakers on the call.

Operator

Ladies and gentlemen, thank you for standing by. Welcome to New Technologies Fourth Quarter twenty twenty four Earnings Release Conference Call. At this time, all participants are in a listen only mode. I would like now to turn the conference over to Crystal Lee, Investor Relations Manager of New Technologies. Ms.

Operator

Lee, please go ahead.

Speaker 1

Thank you, operator. Hello, everyone. Welcome to today's conference call to discuss New Technologies results for the fourth quarter and full year 2024. The earnings press release, corporate presentation and financial spreadsheet has been posted on our Investor Relations website. This call is being webcast from our company's IRF debt as well, and a replay of the call will be available soon.

Speaker 1

Please note, today's discussion will contain forward looking statements made under the Safe Harbor provision of The U. S. Private Securities Litigation Reform Act of 1995. Forward looking statements involve risks, uncertainties, assumptions and other factors. The company's actual results may be materially different from those expressed today.

Speaker 1

Further information regarding the risk factors included in the company's public filings with the Securities and Exchange Commission. The company does not assume any obligation to update any forward looking statements except as required by law. Our earnings press release and this call include discussion of certain non GAAP financial measures and press release contain a definition of non GAAP financial measures and reconciliation of GAAP to non GAAP financial results. On the call with me today are our CEO, Doctor. Yan Li and CFO, Ms.

Speaker 1

Tianzhou. Now, let me turn the call over to CEO, Yan.

Speaker 2

Thank you, Christo. Hello, everyone. Thank you for joining us today. So in the fourth quarter of twenty twenty four, we'll achieve a total sales volume of 226,600 units, marking a significant 65% year over year growth. Behind this strong performance was 65% year over year increase in sales volume in China, reaching 182,000 units and the 64% year over year growth in overseas with 44,000 units sold.

Speaker 2

Total revenue for the fourth quarter was RMB $819,000,000 reflecting a 71% increase compared with same period last year. Those results closed out the financial year for 2024 on a strong note. For the full year, we recorded total sales volume of 924,000 units, representing a 30% year over year increase. Total revenue for the year reached RMB3.29 billion, up 24% from 2023. This rebound in growth underscores the effectiveness of our strategic initiatives.

Speaker 2

Throughout 2024, we remain focused on expanding our product offerings, strengthening sales channels and broaden our market reach. Our return on growth trajectory is a testament to all those efforts. As we build on this momentum, we remain committed to refine our strategy to achieve ambitious targets and adapt the evolving market dynamics. So taking a closer look at our performance in China, sales volume reached 182,000 units in this quarter. Our focused product portfolio emphasized on technology innovation, expanded sales channel and the targeted market initiatives were key drivers for the strong domestic performance.

Speaker 2

For the entirety of 2024, we remain laser focused in refining our signature product lineup, emphasizing our core N, M and U series, while also introduced the new F series as a key addition. We expanded our bestseller strategy, further strengthening our leadership in the mid to high end segments with robust and competitive product portfolios. Beyond innovation, we took extra steps to prioritize product safety by subjecting our models to rigorous testing standards. Niu became the first brand in the market to receive a five star safety certification from China Merchant Vehicle Research Institute. In 2024, we continue to elevate our legacy of N Series, reinforcing our status as the new most recognized and bestseller product line across multiple market segments.

Speaker 2

At the premium end, we introduced the NX and NXT series, the most powerful and high performance two wheeler NIO has ever produced. Built on the shared platform, the NX and NXT equipped our most advanced smart writing technologies include the dual channel ABS, a full color TFT display with screen mirroring navigation, millimeter wavelet radar and adaptive traction control setting new standard for performance and safety. Within this lineup, the NX Hyper stands as a flagship model engineer from racing enthusiasts featuring a motor with a peak output of 29 kilowatts, a top speed of 135 kilometer per hour and the sale of our suspension and braking system delivering exceptional rider experience. With the top performance of NX, it's also built with riding 50 in mind. The NX is the first electric motorcycle in China to earn a five star safety certification.

Speaker 2

Beyond the high performance NX and NXT series, we also expanded N Series lineup earlier this year with the launch of N Player NT Play. Those stylish and compact model quickly gained popularity among young riders for their affordability and trend driving design. The m Play electric motorcycle and m Play electric bicycle retain the iconic n series look while incorporating smart features such as keyless ignition, TCS traction control and the push assist significantly enhancing riders convenience and safety. With those additions, the N Series now span from lightweight electric bicycles to high performance motorcycles, making it new the most diverse and best selling product line. In 2024, the N Series alone accounted for 39% of our total sales volume in China, a substantial increase from just 5% in 2023, demonstrating a strong market demand and the effectiveness of our focused product strategy.

Speaker 2

Besides M Series, we also build a success on top of our M models. We have further strengthened our M Series by launching an upgraded version of our classic model. In 2024, we introduced the new MT as the evolution of M Series with a fresh and trend focused upgrade design for the Gen Z users. Returning the classic M Series design language, the MT introduced new color options, enhanced rider comfort and smart features. Its lightweight and compact frame make it ideal for female riders and the first time users.

Speaker 2

And the last signature series we focused on upgrading is our U series. We launched two core products during 2024, the U Max and U1E. The U Max is a product designed for young writers who seek a blend of style, comfort and high performance. With the larger form factor U Max enhanced visual appeals and riding comfort, it boosts the impressive 160 kilometer range and boost driving modes for rapid acceleration. The U1E is our first female focused scooter, which upgrade with new color schemes, economic improvement in handle and seat positions and easy to use smart functionalities and also option to include a baby seat among its accessories.

Speaker 2

Now besides the MMU series, in 2024, we further expand our core lineup with the launch of FX motorcycles, which has quickly become a recognizable, established alternative alongside our classic Halo Lite MMU series. The FX series embodied the sporty design featuring eagle eye highlights and the intricate design details, adding sophistication and bold presence to its landmark. The FX Pro version leading in performance equipped with 45 amp hour batteries, a 1,500 watts motor and top speed of 55 kilometer per hour and an impressive range of 130 kilometers. The FX series is also debuted as part of co branding initiative with Game for Peace, one of China's top mobile gaming with 70,000,000 MAUs. This collaboration introduced a limited edition model inspired by the game's look, providing fans and riders with unique line of style performance and the cultural relevance.

Speaker 2

The co branded FX series strengthened new position in pop culture, expanding brand awareness and engagement among younger riders. Now by focusing in our core series and the strategic launch product tailored to specific customers' needs, we have reinforced our leadership in urban mobility. The market's strong reception of these models underscore effectiveness of our focused product strategy, driving both volume growth and brand recognition. In 2024, our core product series, the NIMUF accounted for 87% of our total sales volume in China. Now looking forward in 2025, we remain committed in our focused product strategy, enhance our core new product series while ensuring a broader market coverage to meet the diverse needs of riders.

Speaker 2

We have exciting new product in pipeline, incorporating innovations and key upgrades to adapt the evolving market dynamics and specific user demands. Now alongside with our product strategy, our commitment to develop a cutting edge technology is also reflected in the significant investment and progress we have made. In 2024, we're focused on enhancing the writing technology, including key features such as dual channel ABS, screen reader navigation, millimeter wave radar, full color TFT display with magic wheel, all of which has been well received by our users. In 2025, we are further advancing rider intelligence with focus on three core pillars, the seamless riding experience, the AR smart control assistance and the smart ecosystems. Those innovations will redefine the riding experience, bringing new level intelligence, safety and connectivity to our scooters.

Speaker 2

To create a more seamless intuitive interaction between riders and scooters, we plan to smart hardware advancement that prioritize personalization, convenience and intelligence such as a building high definition touch screen with the integrated operating systems. Our AI driven AR driven writing assistance enhance responsiveness and adaptability such as voice and gesture based control. And last but not least, our smart ecosystem broadens the functionality of our new product through partnerships with third party ecosystems. Now, along side our product technology advancement, we have made significant strides in expanding our sales channels, ensuring our product reach a broader consumer base. With a strong focus on penetrating the previously underrepresented market in China, we have strategically expand our retail footprint.

Speaker 2

In 2024, we successfully opened approximately 900 new stores, leveraging the momentum from our new product launches and refreshed brand positioning. Among those 900 stores, around 50% of them opened in the Tier three cities, representing our efforts in spending the lower tier cities. Now with the regain channel momentum in 2025, we plan to open another 1,000 to 1,500 stores, further strengthening our market presence. As our sales channel expansion accelerates, we expect to see a direct impact on sales volume growth in these coming quarters. Now in 2024, we focused our marketing effort on targeting premium consumers and Gen Z riders, further solidifying news brand presence through a key product launches, strategic IP collaboration and extensive social media outreach.

Speaker 2

Those initiatives have strengthened the brand recognition. In August, we received official certification from authorized market research institute recognized NU as the leading global brand in premium smart electric two wheelers. To mark the launch of NX Hyper, we debuted with a series of high profile ride tests, including the China First track standard test drive event for electric two wheelers. Held in Beijing, this event attracted over 100 media professionals, industry experts and influencers, providing an unparalleled first time experience of NX hyper exceptional performance. By setting a new performance benchmark within the electric motorcycle segments, NX Hyper has reinforced new premium brand positioning.

Speaker 2

To broaden our brand influence and deepen our connection with Gen Z consumers, we leverage high impact IP collaboration, including e sports partnership, active participation in animation exhibitions

Speaker 3

and

Speaker 2

a series of offline campus events across 130 plus universities. One of our most significant collaboration was with Game of Peace, a top mobile game with 70,000,000 MAUs. Through this partnership, Niu introduced the two co branded scooters featuring game inspired theme and a limited edition design seamlessly blended the digital entertainment with the real world riding experience. In 2024, we also implemented a matrix marketing approach to enhance the brand communication and digital engagement. Our strategy integrated NU's own original brand content across the four official brand accounts, the original customized content with 40 plus localized accounts and the store level self operated contents across 3,000 plus store accounts, creating a scalable and highly effective social media matrix.

Speaker 2

This multi tiered strategy has generated over 20,000,000,000 views, marking a 5x increase compared to our 2023 efforts. Now turning into the overseas market. The overseas market witnessed a substantial 64% growth in sales volume in Q4 and reaching a 52% volume growth in the full year 2024. This year, NU's overseas segment demonstrated strong growth, driven by strategic market expansion and operational optimization. We continue to develop our two core product lines, electric two wheelers and the micro mobilities, while strengthening our foundation in product innovation, operation and brand positioning.

Speaker 2

In the electric two wheeler segment, we leverage our cutting edge technology and unique design products, adopting them to local market needs. A key focus in 2024 was establishing direct distribution operation in our core markets such as Germany, Italy, France and The United States. We laid the foundation for direct distribution by setting up local entities, hiring team, onboarding partners and developing a localized sales network. With the infrastructure in place, we expand our sales network to over 120 active dealers by year end and plan to double this number by first half of twenty twenty five. Our electric two wheeler product line up in 2024 also spent daily commute commuting electric mopeds to high speed and high performance electric motorcycles.

Speaker 2

In Q4 twenty twenty four, we showcased our key electric motorcycles at EKMA in Milan, Italy, reinforced our presence in the premium electric motorcycle space. As part of product expansion strategy, we launched the NX series, the international version of NX premium motorcycle and the F Series, the global adaptation of our F Series. Both product lines were well received in the key market, generating industry attention and strong preorders. We also upgrade our off road motorcycle XUI3 with OTA upgrade boost power to a 10.6 kilowatts, improved acceleration and reached a top speed of eight kilometer per hour. Our XQI3 has also received the prestige IS Design Awards 2025, making another legendary new product.

Speaker 2

Now for the micro mobility market in 2024, we prioritize expanding retail channels in key markets, strengthening our sales network and market presence. The expansion drove a significant volume growth. Our retail footprint now include 800 plus stores in Best Buy, one hundred and sixty stores in Walmart and 1,000 stores in Kohl's and 200 stores in Media Mart in Germany and the full coverage in EXPERT ensure wide accessibility with greater brand visibility across major global retail chains. However, on the micro mobility market, we faced significant headwinds in 2024 due to The U. S.

Speaker 2

Tariff increase on the China export, which rose from 0% to 25% last year on the key micro mobility products. The sudden cost surge yields margins leading to a negative gross margin on our product shipped from China to The U. S. For the large part of the year in 2024. To mitigate those challenges, we initiated setting up production of U.

Speaker 2

S. Version of kick scooters and micro mobility product in Southeast Asia starting in the second half of Q4 second half of twenty twenty four. Now in January 2025, we successfully shipped our first South Asia local manufacturing units to United States, marking a crucial step towards supply chain optimization. Now looking forward, we remain highly optimistic about the China market and overseas market. Now for the China market, building on the strong foundation established in 2024, on the product side over the past year, we refocused our product portfolio around our core MMU and F Series, reinforcing our leadership in key market segments.

Speaker 2

Our smart technology advancement have also shown early signs of success with strong tractions from customers and a clear roadmap for further innovations in 2025. We're also standardizing our key product platforms, which will improve the R and D process and also reduce the BOM cost. This will help us to improve the gross margin in the China market, which already reflected the early success in Q1 twenty twenty five. The technology advancement and standardized platform has also prepared us well to roll out two new series for 2025 in China, One to address the new electric bicycle standard in China and one to address the premium motorcycles. On the sales channel in China, we have also regained the channel momentum as we added around 900 stores in 2024 for the first time in the last three years.

Speaker 2

We're in the process of rolling out the new VI upgrade for our retail stores, which will be implemented for the 2,500 new stores targeted this year. Lastly, with the new product rollout, the channel expansion, we also plan to increase our branding and marketing effort significantly in 2025 in China, targeting a broader range of consumer segments, both online and offline. We plan to ride this momentum gained in the key social media platform in 2024 and triple our online exposures in 2025. We have observed early signs in fast growth in Q1 this year with our retail sales year to date increased by 50% plus. We plan to continue to ride this growth momentum for the rest of the year.

Speaker 2

Now for the overseas market in 2025, we expect our strategic effort to drive tangible growth across key markets. The electric two wheeler segment is poised for a strong rebound with our initial operation setup completed and a well established local sales network now in place. All the key products are already debuted in ECMA twenty twenty four and receive well response from dealers and consumers. The upgraded XQi3 will also provide additional growth catalyst for the off road motorcycle car market. The 120 existing dealers and additional 100 plus new dealers will help to drive the retail growth.

Speaker 2

For the micro mobility market, we have reached a solid retail coverage in the key countries by end of twenty twenty four. Those will provide solid foundation for the baseline growth for 2025. In addition, we expect to enter new retailers in the key markets such as Italy, France and United States. While the kick school market has faced the short term challenges due to the increased tariffs, our supply chain adjustment are now fully implemented, position us to restore profitability and drive sustainable growth in the coming quarters. Now with those initiatives in place, we expect to reach 1,300,000 to 1,600,000 unit sales for the year of 2025.

Speaker 2

With that, let me turn the call to Fian.

Speaker 4

Thank you, Yan. And hello, everyone. Please note that our press release contains all the figures and comparisons you need, and we have also uploaded Excel format figures to our IR website for your easy reference. As I review our financial results, I'm referring to the fourth quarter figures unless I say otherwise, and all monetary figures are in RMB if not specified. As Yan just mentioned, our total sales volume for the fourth quarter was 227,000 units, an increase of 65% compared to the same period of last year.

Speaker 4

Specifically speaking, China sales volume was 182,000 units, 80% of the total sales volume and overseas was 44,000 units taking around 20% of the total sales volume. And for the full year 2024, the total sales volume was 924,000 units, including 759,000 units in China and 165,000 units overseas. Total revenue for the fourth quarter was RMB819 million, up 71% compared to the same period of last year. To break down the scooter revenues by ranging, scooter revenues in China were RMB646 million, up 82% year over year and represented 88% of the total scooter revenues. The increase was mainly due to the increased sales volume and revenue per scooter in China.

Speaker 4

China e scooters ASP reached 7,354, 15 percent higher on a quarter over quarter basis and 10% higher on a year over year basis. The overseas scooter revenue including kick scooters, e mopeds and e motorcycles were RMB87 million, representing 12% of the total e scooter revenues. The blended scooter ESP decreased from to nearly RMB2000, down around 10% year over year and mainly driven by the higher sales contribution of the kick scooters. Accessories, spare parts and services revenue were RMB86 million, up 33% year over year and representing nearly 10% of the total revenues. The increase was mainly due to an increase in accessories, spare parts sales in both China and international market.

Speaker 4

For the full year 2024, the total revenue increased by 24% to RMB3.3 billion. China's scooter revenue as a whole saw nearly 28% year over year lift to RMB2.6 billion. The overseas scooter revenue increased by 14% to RMB397 million. The total overseas revenue including scooters and non scooters contributed to nearly 13% of the total revenues. And let's take a look at ASP in 2024.

Speaker 4

The overall scooter ASP saw a slightly decrease from 3,323 to 3,203. Among this, the China scooter ASP increased from 3,344 to 3,377 and driven by an increase in proportion of the premium series sales volume, which has a higher ASP. The overseas blended scooter ASP was 2,402, a 25% decrease due to the change in the overseas product mix with the kick scooter accounting for approximately 98% of the total overseas scooter sales volume. And the gross margin for the fourth quarter was 12.4%, a decrease of 6.6 bpt compared to the same period of last year. And the decline in the overall gross margin was primarily driven by the shift in the overseas product mix and 25% in The U.

Speaker 4

S. Tariff, both of which we mentioned last quarter. In addition, the year end overseas holiday season incentives further impacted the margin this quarter. And this refactors negatively impacted both overseas and overall gross margins. However, the China gross margin improved by 1.5 ppt compared to last quarter.

Speaker 4

For the full year 2024, our gross margin was 15.2, down from 21.5% in the previous year, representing a year over year decline of 6.3 ppt, a 2.6 ppt decrease driven by the overseas factors, a lower margin product mix and the 25% U. S. Tariff and the platform incentives during the holiday seasons. And the other 3.7 ppt gross margin declined driven by the domestic market as we continue to allocate a portion of our margins to support the domestic distribution partners. Additionally, our premium lead asset motorcycles yield lower margins compared to the same tier lithium ion models.

Speaker 4

Fourth quarter OpEx was 193,000,000 RMB53 million lower than the same period of last year. Selling and marketing expenses were RMB136 million, RMB55 million lower than last year and mainly due to the decrease in rental and advertising and promotion activities in overseas market. Research and development expenses were RMB39 million, RMB3 million higher than the fourth quarter of twenty twenty three, mainly due to the increase in staff cost and share based compensation. And G and A expenses were RMB18 million, around RMB1 million lower on an annual basis, mainly due to the decrease in allowance of doubtful accounts of RMB1 million. For the full year 2024, the OpEx was RMB750 million, 16 percent lower than 2023 and operating expenses as a percentage of revenue was nearly 23%.

Speaker 4

Selling and marketing expenses were $490,000,000 $6,000,000 lower than last year and about 15% of the revenues. Research and development expenses were $130,000,000.21000000 lower than last year, about 4% of revenues. And G and A expenses were RMB131 million, around RMB114 million lower than last year, about 4% of revenues. Non GAAP OpEx were RMB727 million, representing 22% of revenue compared to 32% in 2023. In the fourth quarter, we had a net loss of RMB73 73,000,000 and non GAAP net loss of RMB 67,000,000.

Speaker 4

On a full year basis, we had a net loss of RMB 193,000,000 and non GAAP net loss of RMB 169,000,000. Turning to our balance sheet and cash flow. We ended the year with RMB1.1 billion in cash, restricted cash, term deposit and short term investments. On an annual basis, operating cash flow was inflow $55,000,000 primarily because we made a net income after adjusting for non cash items. And our Q4 CapEx was $38,000,000 For the full year CapEx was $120,000,000 40 1 million dollars higher than last year because of the store expansion and module cost in the domestic market.

Speaker 4

And now let's turn to guidance. We expect in the first quarter revenue will be in the range of RMB631 million to RMB707 million, an increase of 25% to 40% year over year. And the sales volume for 2025 are expected to be in the range of 1,300,000 to 1,600,000 units as Yan just mentioned. Please be aware that this outlook is based on the information available as of the date and reflects the company's current and preliminary expectation, which is subject to change due to uncertainties related to various factors. And with that, let's now open the call for any questions that you may have for us.

Speaker 4

Operator, please go ahead.

Operator

Thank And the first question comes from Yating Chen with CICC. Your line is now open.

Speaker 3

Hello. This is Yatin from CICC and I have two questions. The first question is, what is your sales target for kick scooters in 2025? And considering the difficulty of achieving profitability in the kick scooter business, what is your long term plan for this business? This is my first question.

Speaker 2

So I think it's a good question. So for the kick schoolers, we're looking at probably last year, we did about 160,000 plus units. So we're looking at anywhere between roughly 30% growth to 30% to 50% growth for 2025. I think with the Kickscoup business, I think investors are too concerned about profitability. The issue with the last couple of years are one is actually due to the high U.

Speaker 2

S. Tariff I expected And that as we mentioned in the call, that being actually addressed starting to address last year, but really the first scooter being out of market is really from Southeast Asia manufacturing, it's actually January this year. And actually the tariff will not be higher from 25% to potential 45% this year. So all players or all product, all players actually increased the retail price in The United States. So that actually basically gave us a good room for margins.

Speaker 2

So we expect the kick swimmers actually to return profitable this year.

Speaker 3

Okay. Thank you very much. And then my second question is about domestic market. Considering your new product planning and the channel expansion plans, what is your outlook for average selling price and the gross profit margin in domestic market in 2025? Because we have seen a significant decline of gross profit margin in 4Q twenty twenty four?

Speaker 4

Okay. This is Fiong. I'll take this question. Actually in 2025, we already finished the quarter one. Due to the trends from the consumer markets, our high end or so called the premium series products are still popular in our from our consumers' demand, which means the retail price the majority of the our sales are coming from the retail price above RMB5000.

Speaker 1

This

Speaker 4

is maintained the same level in 2024. And this year, since we are going to launch several series of the new models, as Yan just mentioned to demonstrate our product smart functions and also the design advantages. We are going to maintain the high end market player in the two wheeler market in the domestic markets. And we expect the ASP in the domestic market will not drop, but we may expect it a slightly increase in our ASP in the domestic market, but not a domestic increase in the ASP. Since right now, our premium series are almost the 70% in our domestic sales.

Speaker 4

So in 2025, we expect the concentration among the premium and the mass premium product series, which will help us to get that slightly increase in the ESP in domestic markets. And talking about the gross margin in the domestic market, actually, along with the sales volume in the domestic market increase, we may get the benefit from the scale of the economy, especially in the BOM cost. And also the other production costs like the staff cost and the amortization on the module cost, those non bond cost, which will help us to improve the gross margin in the domestic market product. And we also think about the extra portion of the margin extra portion of the margin give up on to our sales distributor partners when they think about to regain those gross profits from 2025. But it's still in the decision making process, along with the new stores opened continued.

Speaker 4

If we get the success store expansion, we will delay those profits gain back. And but both factors will give us a upside in the gross margin. Either of them will help us improve the domestic gross margin. So regarding the ASP and gross margin, we'll expect a positive effect in 2025.

Speaker 3

Thank you for your sharing. It's very clear. And we are and we expect the company's the positive change in 2025. Thank you very much. That's all my questions.

Operator

And our next question will come from Alan Lee with Goitai Jen and Securities. Your line is open.

Speaker 3

Okay. Can you hear me?

Speaker 4

Yes, Clarity. Please go ahead.

Speaker 3

Okay. Thank you for taking my questions.

Speaker 5

I have two questions here. The first one is that we have provided guidance on annual sales, which shows high growth rate. May I ask if you can provide guidance on the expected net profit margin by 2025? And how much net profit margin can the company achieve within two or three years?

Speaker 4

Well, actually 2025 is a recovering year to us. And we are not going to share the net profits with the market yet. But 2025, we are able to get the profitability overall for the overall listing call. But we will since we are going to release the quarter result every quarter, this frequency is good enough for the investors to follow us on the performance on the net profit. So normally, we will follow the general practice as the other U.

Speaker 4

S. Listing company. We only provided the guidance to the sales volume, not the top line. Top line, we will give the guidance every quarter.

Speaker 5

Okay. And my second question is that which quarter in 2025 is expected to see the company's net profit turn from loss to profit? Yes.

Speaker 4

Well, good question. Actually, the quarter first quarter is the lag quarter in our industry. This industry is quite seasonal. So for the other competitors, actually, the first quarter is the lag season as well. We expect you to see the quarterly profits in the second quarter, which means from April to June, those three months, we will get the quarterly profits this year.

Speaker 4

Actually, the second quarter is also kind of like the second peak quarter every year. It will contain around 25% to 30% of the revenue each year. And also for the international market, the second quarter, no matter the weather or the logistic back into the normal level. And both the domestic market and international market are right on the right track in the second quarter. So we expected the second quarter will be the profits.

Operator

At this time, I show no further questions in the queue. I would now like to turn the call back over to Mr. Li for closing remarks.

Speaker 2

Thank you, operator, and thank you all for participating in today's call and for your support. We appreciate your interest and look forward to reporting to you again next quarter on progress. Thank you.

Operator

This does concludes today's conference call. Thank you for your participation. You may now disconnect.

Remove Ads
Powered by Quartr
Earnings Conference Call
Niu Technologies Q4 2024
00:00 / 00:00
Remove Ads